Malaysia will invest 5 to 6 billion U.S. dollars in Iran's gas fields, according to the cooperation memoranda of understanding (MoU)s that the two sides signed on Monday, Iran's satellite press TV reported Tuesday.
"Malaysia will invest 5 to 6 billion dollars via buy-back contracts in two Iranian gas fields (Ferdous and Golshan)," Iran's Oil Minister Gholam Hossein Nozari was quoted as saying.
The contract on the development of Golshan and Ferdous gas fields was already inked between the two countries a year ago.
Golshan gas field is located in Iran's southern Hormuzgan Province and holds 42 to 56 trillion cubic feet of gas, and Ferdous field, in another Iran's southern province of Bushehr, is estimated to contain gas reserves of 9 to 10 trillion cubic feet.
The MoUs also said Iran will send heavy and ultra heavy oils to Malaysia to be refined in Malaysia.
The MoUs on oil and gas development projects was signed among National Iranian Oil Company (NIOC), National Iranian Gas Export Company (NIGEC) and Malaysian SKS Company, according to Iran' s Energy and Oil Information Network (SHANA).
Iran, which holds estimated recoverable oil reserves of 138 billion barrels and produces oil of some 4.2 million barrel per day (bpd), depends heavily on the foreign funds, especially in gas and oil sector, to fulfill its ambitions on developing the country.